When FHA MIP lasts the life of the loan versus 11 years, based on down payment and term. The 2 Mortgage Guys at Luminate Bank in Kokomo, nationwide.
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MIP Duration
For most FHA purchases with less than 10% down, annual MIP lasts for the life of the loan. If you put 10% or more down, MIP is typically required for 11 years. Knowing which rule applies changes the long-term cost math.
Your original down payment usually decides how long monthly MIP sticks around.
Life-of-loan MIP is not a deal-breaker — but it should be intentional.
Typical rules for current FHA purchase loans.
Your hold period should drive the program — not the other way around.
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We will show whether your file falls under life-of-loan or 11-year MIP — and when a refinance might make sense.